Alternatives to the SWOT

Business & Finance
Tutor: None Selected Time limit: 1 Day

Please write a 150 word answer

In this section we learned the SWOT analysis is a very powerful and useful tool.

 

However, it's not the only structured analysis tool a company can use. Another tool often used with the SWOT is a PEST Analysis. Take a look at this article (http://www.tutorialspoint.com/management_concepts/structured_brainstorming.htm).

 

Do you think the PEST Analysis adds additional value? Why or why not?

Jul 19th, 2015

Thank you for the opportunity to help you with your question!

The PEST analysis is a tool to evaluate external factors. It is often helpful to complete a PEST analysis prior to a SWOT analysis, although it may be more useful to complete a PEST analysis as part of, or after, a SWOT analysis. A SWOT analysis measures a business unit; a PEST analysis measures trends and changes in the market. PEST analysis can be used for marketing and business development assessment and decision-making, and the PEST template encourages proactive thinking, rather than relying on habitual or instinctive reactions.

PEST becomes more useful and relevant the larger and more complex the business or proposition, but even for a very small local businesses a PEST analysis can still throw up one or two very significant issues that might otherwise be missed.

If used properly, the PESTLE analysis can be very effective in its scope for understanding market and business position. The PESTLE analysis alongside SWOT can be used as a basis for analyzing the business and environmental factors of a project.


Please let me know if you need any clarification. I'm always happy to answer your questions.
Jul 19th, 2015

Did you know? You can earn $20 for every friend you invite to Studypool!
Click here to
Refer a Friend
...
Jul 19th, 2015
...
Jul 19th, 2015
Dec 5th, 2016
check_circle
Mark as Final Answer
check_circle
Unmark as Final Answer
check_circle
Final Answer

Secure Information

Content will be erased after question is completed.

check_circle
Final Answer